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I-T raids on coaching centres find Rs 150 cr black money

I-T raids on coaching centres find Rs 150 cr black money

New Delhi, Oct 12 (SocialNews.XYZ) In raids on a Tamil Nadu-based business group running coaching institutes for competitive examinations, the Income Tax (I-T) Department has seized Rs 30 crore unaccounted cash.

The search and seizure operations covering 17 premises of the business group were carried out on the basis of input that the group was indulging in massive tax evasion.

"Based on preliminary findings, the undisclosed income of the group is estimated at more than Rs 150 crore. The search is still in progress," the I-T Department said ina statement.

 

As per the I-T Department, the coaching centres suppressed fee receipts received from students. The modus operandi was to receive part of fees in cash and such receipts were invariably not entered in the regular book of accounts.

"Instead, such receipts were maintained in separate set of accounts. Incriminating evidence of such suppressing of receipts has been found during the search in the form of accounts maintained in diaries, in electronic storage devices and also in the form of huge sums of unaccounted cash," it said.

Cash was kept in bank lockers in the names of employees who acted as benami or name lenders.

The Namakkal, TN-based business group under scanner, comprises several partnership firms and a trust controlled by a closely knit group of individuals.

The I-T Department press note said significant amount of cash was found in a safe inside an auditorium in the main school premises. Further, unaccounted cash of Rs 30 crore has been found and seized.

Source: IANS

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I-T raids on coaching centres find Rs 150 cr black money

About Gopi Adusumilli

Gopi Adusumilli is a Programmer. He is the editor of SocialNews.XYZ and President of AGK Fire Inc. He enjoys designing websites, developing mobile applications and publishing news articles on current events from various authenticated news sources. When it comes to writing he likes to write about current world politics and Indian Movies. His future plans include developing SocialNews.XYZ into a News website that has no bias or judgment towards any. He can be reached at gopi@socialnews.xyz

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